Download A Retrospective on the Classical Gold Standard, 1821-1931 by Michael D. Bordo, Anna J. Schwartz PDF

By Michael D. Bordo, Anna J. Schwartz

This can be a well timed evaluate of the ultimate overlaying the one hundred ten years of its operation until eventually 1931, while Britain deserted it in the course of the melancholy. present dissatisfaction with floating charges of alternate has spurred curiosity in a go back to a commodity typical. The reports during this quantity have been designed to realize a greater figuring out of the old most desirable, yet additionally they throw gentle at the query of no matter if restoring it this present day may perhaps aid medication inflation, excessive rates of interest, and occasional productiveness development. the quantity contains a evaluation of the literature at the classical most advantageous; reports the event with gold in England, Germany, Italy, Sweden, and Canada; and views on overseas linkages and the soundness of price-level tendencies below the finest. The articles and commentaries mirror powerful, conflicting perspectives between hte contributors on problems with crucial financial institution habit, purchasing-power an interest-rate parity, self reliant financial guidelines, financial progress, the "Atlantic economy," and traits in commodity costs and long term rates of interest. this can be a considerate and provocative ebook.

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Additional resources for A Retrospective on the Classical Gold Standard, 1821-1931 (National Bureau of Economic Research Conference Report)

Example text

In the first case, he starts from a state of equilibrium, after the first remittance is 43 The Gold Standard: The Traditional Approach made in money. This lowers prices in the remitting country, and raises them in the receiving. The natural effect is that more commodities are exported than before, and fewer imported, and that ... a balance of money will be constantly due from the receiving to the paying country. When the debt thus annually due to the tributary country becomes equal to the annual tribute.

Assuming the price were "correct," the pegging operation might be successful. Arranging the responsibility for intervention in the gold market could be managed along the lines of the Gold Pool of 1961, provided exchange rates did not vary. If they did, since an exchange-rate change is a gold-price change in at least one country, speculation in gold markets would be encouraged. The pegging operation would then become more troublesome. 2 Linking the Domestic Money Supply and Gold Reserves A pegged price of gold is not a sufficient condition for a reinstatement of the gold standard.

If the natural system of currency and circulation be abandoned, and a discretionary issue of paper money substituted in its stead, it is vain to think that any rules can be devised for the exact exercise of such a discretion. As a remedy for defects of a purely metallic standard with no discretion for central bankers, he proposed a convertible banknote issue backed by bullion (Ricardo [1816] 1951, p. 66). Free export and import of bullion would be permissible. Under this scheme the costs of frequent conversions of coin into bullion would be eliminated, but the risks of attempted conver~ion of banknotes into specie in a money-market panic would not be.

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